Merz Pharma Group said Monday it will purchase BioForm Medical Inc. (NASDAQ: BFRM) for $253 million cash in a move to expand its aesthetic medicine business.
Merz, which is a privately held German company, is offering $5.45 cash for each BioForm share, a 60 percent premium over BioForm's closing price of $3.40 Thursday.
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In morning trading, BioForm stock jumped $2.05, or 60 percent, to $5.45 to reach the Merz offer price. It peaked at $5.47. Over the past year the stock has traded between 76 cents and $4.20.
The company reported $66.5 million in revenue for the fiscal year ended June 30, and expects revenue of $64 million to $70 million in fiscal 2010.
The boards of both companies have approved the deal, which is expected to close in the first quarter. After it is complete, BioForm will be renamed Merz Aesthetics.
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